Peer Review Requirements by State

What is Peer Review?

Peer review is an evaluation of the systems and/or work product of a public accounting practice by a qualified, fellow practitioner.

Which firms must undergo peer review?

Alabama Firms

The Alabama State Board of Public Accountancy laws regarding peer review requirements mirror the AICPA standards in that any firm or sole practitioner licensed in Alabama that performs attest and compilation services, including but not limited to: any level of review, audit, agreed-upon procedures, report on a financial statement, examinations of prospective financial statements, reports on internal control effectiveness, and compilations of a financial statement must undergo a peer review.

Arkansas Firms

The Arkansas State Board of Public Accountancy law does not require a peer review for a firm whose highest level of service is a compilation of financial statements. Such a firm will instead undergo a Quality Review by the Arkansas State Board of Public Accountancy of its compilation engagement(s).  An Arkansas firm is required to have a peer review under AICPA's peer review program if the firm performs a review of financial statements, examination engagements (SSAE), and/or any level of audit engagement. 

Mississippi Firms

The Mississippi State Board of Public Accountancy law regarding peer review requirements state that a firm or sole practitioner licensed in Mississippi that performs audits, reviews, compilations, agreed-upon procedures, forecasts, projections, other special reports or any accounting and auditing services defined for peer review purposes, and preparation of financial statements by a CPA firm on which no report is made, such as engagements defined in the AICPA Statement on Standards for Accounting and Review Services (SSARS) Number 21, Section 70.

To review Questions and Answers about the AICPA Peer Review Program, click here.

Questions about AICPA Peer Review Integrated Management Application (PRIMA)?

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